The optimism rests on the oil and gas industry in Malaysia expecting more contracts to be awarded for the marginal oil fields, enhanced oil recovery projects and new installation of platforms in 2014 and beyond, Sealink noted.
“The oil and gas industry has been getting more competitive and Sealink Group will improve and maintain its market share in the oil and gas industry through the additions of new and larger vessels for the deepwater operations,” the company commented.
Sealink is in the process of modernising its fleet by disposing of the older and smaller vessels to improve charter rates and utilisation.
“The overall results for the Sealink Group are expected to improve going forward as the Sealink Group had taken delivery of several new vessels and Sealink Group is also in the process of improving the results from the shipbuilding division,” it said.
Kuala Lumpur-listed Sealink has posted a third quarter net profit of MYR3.46m ($1.08m), down slightly compared to MYR3.75m recorded in the same period of last year.
Revenue during the quarter was MYR37.33m, up 30% year-on-year due largely to higher contribution from the ship chartering division.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
